Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-05-11
THE VEIL PARTLY RAISED.

The obligations OF secrecy were removed
from members Of the legislative committee
to the extent that they may communicate,
in confidence, with any Of their friends
who are members of the General Assembly.
No provision was made for furnishing any
information to the press, the committee
being of the opinion, no doubt, that as the
reporters had managed to get all important
details SO far they would not fail so to do
in the future.
WHERE WE DIFFER.
The legislative committee night before
last unanimously agreed upon a resolution
(Which they yesterday morning submitted
to Messrs. Thornton and Braithwaite), in
substance that disregarding for the present
all other questions, we entertain no hope
for successful negotiation of settlement,
as the commissioners for the foreign bond
holders do not accept our estimates Of the
amount of the public revenue (Which is ap-
proximated at 1864, 000) for the payment
of interest on the public debt.
THE KNGLIsHMEN's CONTENTION.
The statements made to the Governor
and to the legislative committee by the fl
nancial officers show that the net revenues
of the State are about 100000 This is
only enough to pay per cent. Of 500, 090
000-that is to say, carry out the Riddle
berger bill.
Messrs. Thornton and Braithwaite have
presented to the legislative committe elabo-
rate tables to maintain their assertion that
the net revenue ought to be and can be
made $1,200,000.
To this end they point out errors in the
official statement of our Auditors, and urge
that reductions can and should be made in
the appropriations for schools, disabled SOL
diers, lunatic asylums, and governmental
expenses.
They pointedly insist that the debt is a
superior obligation to the schools.
They have presented their views on all
these matters with as much delicacy as
possible consistent with their position; but
they firmly declare their conviction that
Virginia should, if necessary, make sacrifi-
ces to provide for her debt.
WHAT THEY ASK.
When the time came for making propo-
sitions the Virginia committee proposed
the Riddleberger bill and the Englishmen
proposed per cent on the principal of the
consol debt, and per cent on the principal
of the McCulloch bonds-the past-due cou-
pons to be capitalized. They left it to the
General Assembly to say what provision
should be made for the peelers, sc.
THE UPsHoT OFT
The consol debt is over $13,000000 and
the McCuIloch over $7,000,OO0
The legislative committee informed the
Englishn,en that such bill would be i'm
possible of acceptance; that to carry it out
meant either the humiliation of the public
school sy $ EN- or the increase of taxation,
and that they could not give it serious con-
sideration
Messrs. Thornton and Braithwaite were
equally positive in assuring the legislative
committee. that the Riddleberger bill could
never be accepted by the bondholders; also,
that in ANY settlement they would expect
to receive tax-receivable coupons on the
bonds.
1T WON'T DO.
The most liberal men ON the committee
and the best friends of the bOndholders in
this city have said to Messrs. Thornton and
Braithwais that it would be hopeless
task to persuade either the Legislature or
the peopio to accede to any such terms as
are Outlined above, and the commissioners
So far he deliberations have gone. So
far it Sc, 1as that there is no probability Of
settlement being reached; but though
very anxious to report the results of their
labors to tue General Assembly, the COM
mittee agreed to wait until Saturday, so
that Messrs. Thornton and Braithwaite may
in the meantime communicate with their
principals across the water, or with any
other persons, and if on Saturday they are
prepared to make another and more liberal
proposition, it will be received and sub
mitted to the two houses.
With some there is faint hope, rather
than expectation, that the English commits
sioners will come to terms; but with the
great majority of members of the General
Assembly there is belief that the confer
ence is or will be failure; that it will
never be possible to negotiate settlement
with the bondholders upon the terms of the
Riddleberger bill or anything like it.
THE RECORD.
The legislative committee will hold
meeting at the Allen house this morning
for consultation among themselves. They
are anxious that the record shall show them
to be in tic right, and there is little doubt
that SO it will appear to the Virginia public.
Sir Edward Thornton and Mr.. B:aith-
waite are also very careful on the same
point. They consider that they are forti-
fed in overy proposition or statement that
they have made, and from time to time
they have quoted directly from large num-
Der of official papers of the State So the
stenographic report has already grown into
a volume of considerable size, and will no
doubt become much larger before the con-
ference is absolutely terminated and report
made to the two houses.
OFFICIAL REPORT OF THE COMMITTEE.
From the Dispatch Of Friday.
Speaker Stuart, in the House, and Gen
eral Wickham, in the Senate, yesterday
presented the following report, which, in
each body, was ordered to be printed:
To t. Senate and House of Delegates: !
Your committee respectfully report that
in the discharge Of the duty imposed upon
them by the joint resolutions under which
with the commission of the
Council of Foreign Bondholders.
That they have ascertained that the
Council Of Foreign Bondholders virtually
influence majority of the copsol and ten
forty bonds of Virginia; and the committee
believe that any agreement made with this
commission will be accepted by the bond
holders and will forever settle the debt
cues ion, which has been for so long period
a disturbing element in our State.
Your committee, fortified by an array of
figures and facts which they regard as IN
answerable, have endeavored to satisfy the
that beyond certain sum it
would be utterly impossible for the people
of this State to provide means to meet The
to the creditors of the State.
Finally proposition, or rather sug-
gestion Of basis of settlement, was pre-.
scented by the commission which required
a sum of money to be provided to meet the
interest that wouId exceed so far the reve-
hue of the S. ate available for the payment of
interest CT the debt that, whilst the men,
bers of your committee differed to some ex-
tent as to the amount of revenue applicable |
to tie payment Of interest on the debt,
YOUR ommittee felt compelled to say to |
Them most formally that upon that basis it |
would be improper for this negotiation to